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RSM Technology Monthly Alert - February 2020

 

 

Upcoming Events

  

Webinar event: How technology play a pivotal role in the adoption of the new lease accounting standard IFRS16/ASC842

Is your current accounting system able to accurately compute the lease liability on the balance sheet and meeting other requirements of IFRS 16/ASC842 Leases?

Are you comfortable in identifying and separating the lease and non-lease components for accounting purposes?

Join us to learn how IFRS 16/ASC842 accounting requirements and how to capture required information and calculation using lease accounting system.

Date: 13 March 2020 (Friday)

Time: 10:00 a.m. - 11:00 a.m. (HKT)

.For more details and registration, please visit:

https://www.rsm.global/hongkong/events/rerun-webinar-event-how-technology-play-pivotal-role-adoption-new-lease-accounting-standard-March2020

 

Webinar event: Future of Work: Transforming finance function with Intelligent Robotic Process Automation”?

Highlights

  • Introduction to RPA and RPA Trends in 2020
  • The transformative role of RPA in automating Accounting and Tax processes
  • Executing bots for e-filling procedure and federal tax forms
  • Automation Anywhere Product Demo

Date: 20 March 2020 (Friday)

Time: 10:00 a.m. - 11:00 a.m. (HKT)

.For more details and registration, please visit:

https://www.rsm.global/hongkong/events/webinar-event-future-work-transforming-finance-function-intelligent-robotic-process

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IT Insights

  

Robotic Process Automation: An executive primer: Aiming to convert your organization into a truly digital business?

Automation is the foundation of all digital transformation initiatives. This executive primer explains why Robotic Process Automation (RPA) is globally gaining ground, how it works, and how you can get value from it. Automation is at the top of CEOs minds these days. They see it delivering real benefits such as reduced errors, improved employee productivity, and cost savings. More importantly, they know it is essential for digital transformation. In fact, in a recent research project on priorities in process and performance management, business research institute APQC found that 69% of the surveyed enterprises listed RPA as the foundation for their digital strategies. It’s no wonder that by 2022, the market for RPA software and services will top $4.3 billion.

Baidu enters blockchain fray

China’s search engine giant Baidu has launched the beta version of its blockchain project Xuperchain. Baidu has partnered with several institutions on the project which will host its nodes. They include the Beijing Internet Court, Peking University, electric vehicle giant TGOOD, AiBank and more. The platform will provide a plug-and-play solution for decentralized applications in China and beyond, including the deployment of smart contracts. With Xuperchain, Baidu aims at making DApps as easy and cost-effective as possible, eliminating the barrier to entry especially for small enterprises.

Bitcoin v1.0.1 released, an optional upgrade for large volume nodes

The Bitcoin SV node team has issued an optional upgrade to the Bitcoin protocol: v1.0.1, aimed at nodes intending to process larger block sizes. While it remains necessary for all nodes to upgrade to 1.0.0 before the Genesis hard fork on February 4, version 1.0.1 is for those looking to handle large-scale volumes. Version 1.0.1 upgrades the database format for storing blocks over 4GB in size. It also reduces the memory requirements for the remote procedure call (RPC) interface for “getrawtransaction” and verbose versions of “getblock”, again aimed at those looking to process large transactions. This is also necessary for blockchain to scale to the proportions needed to compete with existing networks—financial and otherwise. Though it’s existed for 11 years now, Bitcoin has struggled to gain much traction outside the world of enthusiasts and traders.

   

System Updates

  

BlackLine  announces three SAP-certified integrations with SAP S/4HANA 1909

BlackLine, Inc. announced that the SAP Integration and Certification Center has certified three BlackLine accounting automation tools for integration with three of SAP S/4HANA 1909®. These certifications represent the most recent for BlackLine.  All are compatible and certified for use with earlier versions of SAP software.  These integrations are expected to help organizations further automate tasks with their SAP solutions by automatically extracting data from the source systems, importing it into the BlackLine platform and also posting data back into SAP solutions directly from BlackLine.

NetSuite 2020.1: Release notes & feature updates

NetSuite is starting off the year with a bang and a whole new update to its suite of cloud ERP features. NetSuite 2020.1 brings a heap of new features and enhancements to NetSuite modules. For help testing and validating the current processes, including customizations, scripts, workflows, and integrations for NetSuite 2020.1, this article helps to stay updated and get the most out of the new features like accounting, administration, banking, employee management, inventory management, warehouse management , manufacturing and order management.

 

 


Cybersecurity Announcements

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Attackers  exploit security flaws in smart building systems

According to researchers from the firewall provider SonicWall, attackers are targeting Linear eMerge E3 - a product of Nortek Security & Control (NSC), to access the internet and hijack smart door or building access control systems. Linear eMerge E3 devices are installed in corporate headquarters, factories, or industrial parks. Their key role is to regulate access to employees and visitors for doors and rooms based on their credentials (access codes) or smart cards. A security advisory by the firm read that six of the ten vulnerabilities had a severity score of 9.8 or 10 out of a maximum of 10. Applied Risk also released the proof-of-concept exploit code in November 2019. NSC is yet to provide security patches, as per the advisory.

These four areas will dominate the cybersecurity agenda for APAC in 2020

According to an International Information System Security Certification Consortium (ISC2) study from 2018, the Asia-Pacific region is experiencing the greatest talent shortage at 2.14 million, and nearly 60 percent say their companies are at moderate or extreme risk of cybersecurity attacks due to this shortage. Along with creating a strong security programme, we anticipate that four areas will dominate the cybersecurity agenda for enterprises in 2020, including Multi-factor Authentication, Cloud Consciousness, The Proliferation of Iot Device and the controlled Provision of Data.

Microsoft patches serious security flaws in Azure

Security researchers at Check Point have identified two major security flaws in Microsoft Azure that could be exploited by hackers to gain access to sensitive information stored on machines running Azure or to take over Azure servers. The first security flaw was discovered in Azure Stack and if exploited, it would enable a hacker to gain access to screenshots and other sensitive information from machines running Azure. Another weakness discovered by Check Point would have enabled a hacker to take control over an entire Azure server and consequentially an enterprise's business code.